Bitcoin ETF is Inevitable, Says SEC Commissioner

A Bitcoin ETF is a matter of when, not if, for SEC Commissioner Robert J. Jackson Jr. The Commission’s lone Democrat expects a Bitcoin ETF filing to eventually satisfy all of the required standards set forth by the body.

SEC-Approved Bitcoin ETF is Not Impossible

Speaking during a soon-to-be-published interview with Congressional Quarterly, Jackson stated his belief that an SEC-approved Bitcoin ETF is inevitable. So far, the Commission has rejected all prior filings submitted by different funds looking to launch a Bitcoin ETF.

Robert J. Jackson Jr.

In the excerpts from the interview shared by Adjunct Professor at NYU Stern, Drew Hinkes, Jackson explains:

Eventually, do I think someone will satisfy the standards that we’ve laid out there? I hope so, yes, and I think so. Getting the stamp of approval from the deepest and most liquid capital markets in the world is hard, and it should be. Once we make it available to everyday mom and pop investors, we are taking risks that Americans can get hurt.

Winklevoss Bitcoin ETF Rejection

Jackson’s comments are in many ways indicative of the argument consistently put forward by the Commission against Bitcoin ETFs. The SEC has in the past brought up issues relating to liquidity, custody, and market manipulation.

Emphasizing these points, the SEC Commissioner touched on the Winklevoss Bitcoin ETF rejected in July 2018. According to Jackson, the decision to deny the application stemmed from the inability of the trust to satisfy the SEC’s standards on preventing fraud and market manipulation.

Commenting further, Jackson said:

The case that we had last year involving the Winklevoss trust, in my view, was not a difficult case. So there you had a situation where the risk for manipulation and for people getting hurt was enormous. The liquidity issues in the market were very serious.

At the time, the Commissioners voted 3-1 against the Winklevoss ETF with the only “yes” vote coming from Hester Peirce. According to Peirce, the SEC was wrong to reject the ETF, saying the Commission failed to interpret its own laws correctly.

Meanwhile, the quest for an SEC-approved BTC ETF continues in 2019. At the start of the year, Bitcoinist reported that Bitwise had filed another application after having been rejected by the SEC in 2018. After initially withdrawing the VanEck/SolidX BTC ETF proposal, Cboe refiled the application a few days later.

The Winklevoss twins also stated that they will keep pursuing approval of their COIN Bitcoin ETF, particularly after Gemini become the first to pass SOC-2 examination.

In early January 2019, they stated:

We are committed as ever to making an ETF a reality! The U.S. Securities Exchange Commission (SEC) could regard Gemini’s SOC-2 report as a factor in favor of its possible approval of Winklevoss’ petition for a Bitcoin ETF.

Will an approved Bitcoin ETF have any significant impact on BTC price? Let us know your thoughts in the comments below.

I am a believer of the HODL philosophy because we are still in the nascent stage of blockchain technology. Although we are in a bear market now, my outlook on the adoption and growth of blockchain solutions remains unchanged. Blockchain transactions has been growing exponentially and demand for cryptocurrency like Bitcoin [BTC], Ethereum [ETH], Ripple [XRP], Litecoin [LTC] and other Altcoins will only continue to grow exponentially in the next five to ten years.

Related Articles

South Koreaâs top financial regulator has formally filed fraud charges against executives of one of the Asian countryâs biggest cryptocurrency exchanges. Three senior executives of Upbit including the founder Song Chi-Hyung were charged with making fraudulent transactions between September and December last year by prosecutors in Seoul, according to nocutnews. Specifically, the senior Upbit executives

The post South Korean Bitcoin Exchange Upbit Denies Fraud Allegations as Executives are Formally Charged appeared first on CCN

Bitcoin, the largest cryptocurrency in the world has been under the spotlight from various financial institutions and social media trends recently. Whether it is the SEC involved in the approval of an ETF or Jack Dorsey, CEO of Twitter, terming it as âinternetâs native currency,â BTC has been on the bright side of a bearish […]

The post Bitcoin [BTC] now accepted by 14,000 businesses; global acceptance up by 702% since 2013 appeared first on AMBCrypto.

Bitcoin has been on a tear in recent days and has surpassed $8,000 for the first time since July 2018. This has had made the entire crypto market surge by over $20 billion as fomo fever grips the scene once again. A few hours ago during early trading in Asia, Bitcoin hit a ten month Read more…